Crypto

The first Bitcoin city will be in El Salvador

Smart cities are already outdated … make way for crypto cities! Make way for smart cities powered by cryptocurrency technology. El Salvador, once again, wants to be a pioneer in this area.

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We have been talking about smart cities for several years. So we designate smart cities in which most urban objects are connected, either to the Internet or to each other. Such a city is based on multiple sensors and low power transmitters to maintain a permanent connection between its elements. Singapore, Zurich, Oslo and Geneva are among the most advanced cities in this transformation.

And a city like Barcelona has launched the project of a smart city that would be self-sufficient. Among the main players in the field, we can highlight Google, which has already tried a real experience. in toronto. The motivation of those who lead smart city projects it would be to make cities more efficient, greener but also safer.

Crypto cities take over from smart cities

For several weeks, a new concept has been put into operation. appearance, that of crypto cities. The fundamental idea is to combine the concept of smart cities with the data security it provides blockchain, to the optimization that makes governance possible decentralized, but also to be able to use a cryptocurrency to facilitate the exchange of goods and services.

Vitalik Buterin, creator of Ethereum, published an essay on Crypto Cities in late October. Photo taken at the TechCrunch Disrupt conference, London, 2015 © John Phillips, CC by-sa 2.0

It was Vitalik Buterin himself, the creator of Ethereum who exposed the ins and outs of Crypto Cities in an article published on October 31, 2021. Buterin explains in particular that crypto technology could ensure new forms of democratic governance and enable greater transparency decisions. According to him, one project, CityDAO, is even working, in a still fledgling form, in the western United States state of Wyoming: it works from the blockchain. Ethereum.

El Salvador’s Bitcoin City

El Salvador, which has already adopted Bitcoin as National currencyFor his part, he wants to create the world’s first “Bitcoin City”. It would be established in the western region of the country, in La Unión. According to President Nayib Bukele, it would be “totally ecological” because it will bring out its Energy from geothermal energy, from a volcano. Said city will not charge any income tax; VAT can only be applied to the purchase of products. However, half of what is collected through this VAT will go to services such as garbage collection.

“Invest here and win allmoney what you want, ”Bukele proclaimed at an event held on Mizata beach on Saturday.

Despite the enthusiasm shown by Bukele for Bitcoin, his population is still not convinced. Last September, a survey showed that 70% of Salvadorans were skeptical about adopting this Cryptomonnaie. It is also possible that the practical use of this currency began to modify this perception.

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